Commercial lines underwriting specialist Arista Insurance has posted another strong set of results, with 2012 figures showing GWP is up to £81m from £74m in 2011. The full year figures, released today mark Arista’s third consecutive year in profit following a concerted effort by its teams to deliver growth and exceptional service to brokers.
Turnover was up by £700k to £11.7m and EBITDA improved to £1.709m from £1.334m in 2011. Expenses as a proportion of GWP were down to 12.4% from 13% marking a continuing improvement in operating efficiency in real terms. Underwriting discipline was also maintained through another period of difficult trading conditions.
Arista chief executive Charles Earle said: “The results achieved in 2012 very much reflect the hard work and dedication of Arista staff. The overall performance has resulted in Arista growing by 8%, and marginally exceeding our targets for the year. These efforts by our regional underwriting teams, supported by those at the centre of our operations, have delivered great service to brokers who have in turn continued to show support for Arista by placing more business with us. This shows our strategy of putting decision making underwriters on brokers’ doorsteps is proving successful and plans are in place to drive the business and this strategy forward even further.
“In 2013/14 Arista has further stretching goals but remains agile and able to react to insurance and economic market conditions. Arista underwriters have exercised discipline and control in the challenging conditions that persisted in 2012, and will continue to do so as we build an underwriting service business for the future.”
Key figures :
– Gross written premium £81m (2011 £74m)
– Turnover £12m (2011 £11m)
– Expenses as % of GWP 12.4% (2011 13%)
– Managed broker relationships 398 (2011 370)
– Renewal income as % of GWP 71% (2011 72%)
– EBITDA £1.7m (2011 £1.334m)
